Keeping You Up To Date

Granny flats: Tax tips and traps The idea of adding a granny flat to your property sounds like a great idea. A property to rent out to generate some welcome extra income, or a home for adult children or mum and dad in their later years. But there are important tax and personal considerations to consider before taking the plunge and digging up the backyard. Although the Federal Budget proposed significant reform in this area (which we cover later in this article), important tax questio...

Getting Retirement Plans Back on Track After a year when even the best laid plans have been put on hold due to COVID-19, people who were planning to retire soon may be having second thoughts. You may be concerned about a drop in your super balance, insecure work, or an uncertain investment outlook. Whatever your circumstances, a financial tune-up may be required to get your retirement plans back on track. You may even find you're in better financial shape than you feared, but you wo...

ATO Alert - COVID Affecting Car Fringe Benefits The ATO is warning employers to take care to avoid unnecessary FBT for car fringe benefits provided to employees. As a result of the COVID lockdown earlier this year, many employees have been working from home at a far greater rate.  If these employees have had the use of a car provided by their employer, the employer will need to check how they are calculating their fringe benefits, to avoid unnecessary FBT. With working from home beco...

JobKeeper - Easing Eligibility  More businesses and not-for-profits will be eligible for JobKeeper payment extension under a $15.6 billion change to the scheme announced on August 7. The Government initially outlined the JobKeeper extension guidelines on July 21, but says it needs to extend its criteria after the Victoria Government implemented stricter lockdowns across the state this week. Changes from 28 September The new rules mean that from 28 September, businesses need to ...

Building a bridge to recovery In what has been billed as one of the most important budgets since the Great Depression, and the first since the onset of the COVID-19 pandemic dragged Australia into its first recession in almost 30 years, Treasurer Josh Frydenberg said the next phase of the journey is to secure Australia's future. As expected, the focus is on job creation, tax cuts and targeted spending to get the economy over the COVID-19 hump. The Treasurer said this Budget, which...